France countries need clarity about war before withdrawing from oil reserves

French Finance Minister Roland Lescure said in an interview with the "Financial Times" newspaper published today, Friday, that governments cannot make a decision regarding new operations to withdraw from oil reserves to ease the impact of the crisis resulting from the war with Iran until the likely duration of the war becomes clear.

Lescure added to the newspaper that "a new coordinated withdrawal operation from strategic reserves was not discussed at the G7 finance ministers meeting in Paris this week."

He considered that even if the Strait of Hormuz is opened, it will take several weeks for oil supplies to reach Europe and Asia.

Yesterday, Thursday, the Executive Director of the International Energy Agency, Fatih Birol, warned that the oil market could enter a "red zone" with a shortage of supplies in the upcoming months of July or August, in case a solution to the conflict in the Middle East is not reached.

Birol emphasized that the energy agency is "ready to move" to pump more oil reserves into the markets "if the countries decide so."